Sale of Land with Old Residential Shed Qualifies for Section 54 Relief: ITAT Chandigarh

Prem Singh Vs DCIT (ITAT Chandigarh) Sale of Land with Old Residential Shed Qualifies for Section 54 Relief – ITAT Chandigarh Allows Indexed Construction Cost, Professional Fees & CGAS Exemption The Chandigarh Bench of the ITAT partly allowed the assessee’s appeals for AYs 2015-16 and 2017-18 involving computation of long-term capital gains on sale of large parcels of land and denial of deductions u/s 54, indexed construction cost and professional expenses. For AY 2015-16, the Tribunal held that the assessee had in fact sold land along with an old residential shed of about 2000 sq.ft. ...